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Magnati partners with TerraPay to boost cross-border payments

By Delisha Fernandes

November 10, 2023

  • Africa
  • Bangladesh
  • Cross Border Payments

TerraPay, Safaricom, M-pesa, Africa, Kenya, London, India, Nepal, Bangladesh, Pakistan, Southeast Asia, Cross border Payments, Mobile payments, Digital transactionsMagnati, a payments company in the Middle East, has partnered with TerraPay, a global cross-border payments network to add a new payment method to its product suite to empower merchants.

This integration allows many African visitors and residents in the UAE to conveniently pay for goods and services using their preferred digital wallets. Over-time, with more than 50,000 payment terminals accepting TerraPay-powered wallets in Africa, Magnati will drive innovation in the payments industry.

Ani Sane, Co-Founder & Chief Business Officer, TerraPay said, “We are truly proud to unveil our collaboration with Magnati, a highly trusted financial institution in the region. This collaboration symbolizes the perfect blend of technological innovation and a mutual commitment of making payments accessible and convenient. TerraPay and Magnati together are revolutionizing payment trends and technology, while prioritizing financial inclusion and convenience for all.”

As a leading global partner of banks, mobile wallets, money transfer operators, and financial institutions, TerraPay brings extensive expertise and a robust network to this collaboration. Their role as an aggregator of leading digital and mobile wallets makes it possible for Telco Wallet holders from Africa to enjoy simple and secure cross-border payments in UAE at Magnati’s payment terminals.

Magnati’s new offering sets it apart from other players in the industry. By enabling wallets from Africa, through their strategic partnerships like Airtel, M-PESA, and MTN, at their payment terminals, Magnati is catering to the diverse needs of customers and merchants alike.

Ramana Kumar, Chief Executive Officer of Magnati said, “Over time, 50,000+ Payment Terminals of Magnati will be enabled to accept payments using popular wallets from Africa in their respective local currencies. This exciting collaboration with TerraPay signifies our commitment to providing seamless payment solutions that meet the evolving demands of our customers, while also fostering stronger ties between the UAE and Africa.”

This collaboration not only strengthens the ties between Africa and the UAE but also positions both regions for accelerated growth in the digital payments landscape. The convenience and accessibility offered by this new payment method will undoubtedly benefit industry players, the public, customers, and merchants alike.

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